Vehicle prices slightly slide in May
Posted on Wednesday, June 4, 2014 at 10:12:37 AM
Buyers interested in affordable auto financing may be looking at slightly cheaper vehicles over the coming months, thanks to a dip in average transaction prices for the industry.
According to TrueCar, the ATP for light vehicles this past month dropped to $30,646, more than $1,000 below April's figure and $149 short of May 2013. On the other hand, the average incentive for light vehicles ticked up in May, now at $2,677 for the month - up 0.7 percent on a yearly basis and a month-over-month increase of 3.5 percent.
"Industry-wide, we saw average transaction prices contract slightly in May," said Larry Dominique, executive vice president of TrueCar. "Conversely, Chrysler and GM were able to command higher prices, while shrinking their incentive spend-to-price ratio. This is a positive brand indicator for the two automakers."
Chrysler also reported extremely strong sales in May, with figures climbing 17 percent above levels experienced at the same time last year. The quality results were bolstered by the Jeep, Dodge, Ram and FIAT brands, with Jeep leading the pack with a 58 percent sales increase during May.